SAN RAMON–A San Ramon resident was sentenced Monday to three years and five months in prison for defrauding nearly a dozen investors out of an estimated $1 million, the Department of Justice said.

Alfred John Schlette, 60, had promised investors to turn a profit through day trading, but instead used clients’ money for personal expenses, according to the DOJ. To cover up his tracks, Schlette generated fake statements assuring his clients their assets were earning returns.

Earlier this year, Schlette was found guilty on nine counts of mail fraud. As part of his sentence, Schlette is also required to pay $1.7 million in restitution to his victims.

Karina Ioffee covers the city of Richmond and West Contra Costa County. She has been a reporter for 15 years and has won numerous awards for her work, including from the Overseas Press Club. She speaks Spanish and Russian and is a former competitive gymnast. When not working, she likes to do yoga, cycle and dance.

A transit village with apartments, retailers, restaurants and a hotel is rising in Milpitas next to The Great Mall, close to light rail and the under-construction BART station. It’s one of several Silicon Valley projects sprouting up near transit.